丨证券研究报告丨 固定收益丨点评报告 [Table_Title] 新增专项债发行进度 32.79% ——政府债周报（5/25） 报告要点 [Table_Summary] 5 月 26 日-6 月 1 日地方债披露发行 2282.12 亿元。其中新增债 1815.57 亿元（新增一般债 235.91 亿元，新增专项债 1579.66 亿元），再融资债 466.55 亿元（再融资一般债 415.93 亿元， 再融资专项债 50.62 亿元）。 5 月 19 日-5 月 25 日地方债共发行 2485.22 亿元。其中新增债 1130.83 亿元（新增一般债 55.19 亿元，新增专项债 1075.64 亿元），再融资债 1354.39 亿元（再融资一般债 864.76 亿元，再融 资专项债 489.63 亿元）。 分析师及联系人 [Table_Author] 赵增辉 赖逸儒 SAC：S0490524080003 SAC：S0490524120005 SFC：BVN394 SFC：BVZ968 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title ...

丨证券研究报告丨 行业研究丨行业周报丨煤炭与消费用燃料 [Table_Title] 如何衡量本轮煤炭行情空间？ 报告要点 [Table_Summary] 近期市场红利风格有所回归，本周涨幅前十板块中红利板块居多。基于红利横向对比视角，如 何衡量当前位置下后续煤炭行情空间？通过测算发现，基于最新 10Y 国债收益率以及农业银行 /中国移动/长江电力 2025E 股息率最新预测，以中国神华为代表的此轮煤炭红利交易或仍有上 行空间，建议重视未来季度级别煤炭基本面与外部风格共振的行情。 分析师及联系人 [Table_Author] 肖勇 赵超 叶如祯 庄越 韦思宇 SAC：S0490516080003 SAC：S0490519030001 SAC：S0490517070008 SAC：S0490522090003 SAC：S0490524120007 SFC：BUT918 SFC：BUY139 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 煤炭与消费用燃料 cjzqdt11111 [Table_Title2] 如何衡量本轮煤炭行情空间？ [Table_Summary2 ...

[Table_Summary] 美东时间 5 月 20 日，谷歌 2025 年度 I/O 开发者大会的开幕，谷歌带来了一系列以人工智能为 核心的重大更新，涵盖了搜索、浏览器、办公工具、硬件设备等多个领域。此次谷歌开发者大 会，无论是其 Gemini 2.5 系列大模型的发布，还是其在搜索中引入"AI 模式"，谷歌都展现了 其在生成式 AI 领域的深厚实力。同时，随着谷歌将 AI 与其产品深度整合，并实现场景落地， 其 AI 产品商业化进度值得期待。建议关注：1）AI Agent 相关标的；2）国产算力产业链；3） 算力基础设施。 丨证券研究报告丨 行业研究丨点评报告丨软件与服务 [Table_Title] AI 产业跟踪："降低门槛、加速创造"，谷歌开启 AI 生态新时代 报告要点 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 软件与服务 cjzqdt11111 [Table_Title AI 产业跟踪："降低门槛、加速创造"，谷歌开 2] 启 A ...

丨证券研究报告丨 联合研究丨公司点评丨科华数据（002335.SZ） [Table_Title] 数据中心弹性初步体现，新能源亏损有望收 窄 报告要点 [Table_Summary] 公司发布 2024 年报及 2025 年一季报，2024 年收入 77.57 亿元，同比-4.71%，实现归母净利 润 3.15 亿元，同比-37.90%，实现扣非净利润 2.85 亿元，同比-38.55%。拆分至单季度，2024 年四季度收入 23.64 亿元，实现归母净利润 0.77 亿元，实现扣非净利润 0.65 亿元；2025 年一 季度收入 12.16 亿元，同比+2.73%，实现归母净利润 0.69 亿元，同比-6.26%，实现扣非净利 润 0.61 亿元，同比+2.06%。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SAC：S0490514040001 SAC：S0490517110002 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524100002 SFC：BQK ...

丨证券研究报告丨 公司研究丨点评报告丨佳发教育（300559.SZ） [Table_Title] 短期需求扰动导致业绩承压，AI 助力智慧转型 报告要点 [Table_Summary] 佳发教育发布 2024 年报及 2025 年一季报，2024 年公司实现营收 4.30 亿元，同比减少 28.87%； 实现归母净利润 0.36 亿元，同比减少 72.23%；实现扣非归母净利润 0.34 亿元，同比减少 73.19%；实现经营性现金流净额 0.50 亿元，同比减少 72.10%。2025 年 Q1 实现营业收入 0.55 亿元，同比减少 51.82%；实现归母净利润-0.10 亿元，去年同期为 0.07 亿元；实现扣非归母 净利润-0.11 亿元，去年同期为 0.06 亿元；实现经营性现金流净额 -0.08 亿元，去年同期为- 0.44 亿元。 分析师及联系人 [Table_Author] 宗建树 SAC：S0490520030004 SFC：BUX668 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 佳发教育（300559.SZ） cjzqdt11111 [ ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant improvement in operational performance, with Q1 2025 revenue reaching 1.469 billion yuan, a year-on-year increase of 24.69%. The net profit attributable to shareholders was 93 million yuan, up 2.00% year-on-year, while the net profit after deducting non-recurring items was 88 million yuan, reflecting a 2.48% increase. However, the net operating cash flow decreased by 25.44% to 122 million yuan [2][4][11]. - The company is positioned as a global leader in intelligent operating system products and technologies, leveraging its strategic advantages to drive the development of the smart industry amid a new wave of intelligentization. A new growth curve is expected to gradually open up [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 1.469 billion yuan, a 24.69% increase year-on-year. The gross profit margin for Q1 was 36.28%, down 3.54 percentage points year-on-year, primarily due to increased personnel costs as the workforce grew from 13,119 in 2023 to 15,031. Operating costs rose by 32.02% year-on-year. However, the gross margin improved significantly by 6.74 percentage points compared to the previous quarter [11]. - The sales expense ratio, R&D expense ratio, and management expense ratio for Q1 2025 were 3.54%, 19.20%, and 9.37%, respectively, showing a decrease compared to the same period last year [11]. Growth Strategy - The company has outlined three major growth curves: 1. Capitalizing on the emerging trend of mobile operating systems to enter a rapidly growing market. 2. Enhancing existing business with edge intelligence to benefit from the increasing penetration of smart terminals. 3. Innovating in edge intelligence and new business areas, such as mobile robotics, to fully leverage the opportunities presented by edge intelligence [11]. - Recent product launches, including Drip OS 1.0 Evo, TurboX AI glasses, and mobile robot AMR, highlight the company's breakthroughs in AI-native operating systems and edge intelligence [11]. Market Positioning - The company is firmly committed to its "operating system + edge intelligence" strategy, which is expected to open up new growth opportunities. It has established long-term collaborations with leading players in the chip, operating system, and cloud sectors, enhancing its competitive positioning [11]. - The company is well-positioned in the smart industry, aligning its business layout with the trend of value growth shifting from cloud to edge, and is expected to benefit from every wave of terminal intelligence opportunities [11]. Financial Projections - The company is projected to achieve net profits attributable to shareholders of 482 million yuan, 561 million yuan, and 804 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 52, 45, and 31 times [11].

丨证券研究报告丨 行业研究丨行业周报丨通信设备Ⅲ [Table_Title] 通信行业周观点：大模型密集发布，AI 与算力主 线景气延续 报告要点 [Table_Summary] 2025 年第 21 周，通信板块下跌 1.85%，在长江一级行业中排名第 26 位；2025 年年初以来， 通信板块下跌 4.71%，在长江一级行业中排名第 26 位。上周谷歌发布 Gemini 2.5 系列新模型， Anthropic 发布 Claude 4 系列新模型；鲲鹏昇腾开发者大会在北京举办。AI 与算力主线景气延 续，驱动数据中心通信需求上行，当前电信业务板块估值仍处低位，行业整体配置性价比较高。 分析师及联系人 [Table_Author] 于海宁 SAC：S0490517110002 SFC：BUX641 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 通信设备Ⅲ cjzqdt11111 [Table_Title 通信行业周观点：大模型密集发布， 2] AI 与算力 主线景气延续 [Table_Summary2] 板块行情 2025 年第 21 周，通信板块下跌 1. ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 430 million yuan in 2024, a year-on-year decrease of 28.87%. The net profit attributable to the parent company was 36 million yuan, down 72.23% year-on-year. The net profit after deducting non-recurring items was 34 million yuan, a decrease of 73.19% year-on-year. The operating cash flow net amount was 50 million yuan, down 72.10% year-on-year. In Q1 2025, the company achieved a revenue of 55 million yuan, a year-on-year decrease of 51.82%, with a net profit attributable to the parent company of -10 million yuan, compared to 7 million yuan in the same period last year [2][5][11] - The company is a leader in standardized examination point construction, focusing on smart examination and smart education. The integration of AI is expected to create a new growth curve for the company [5][11] Summary by Sections Financial Performance - In 2024, the company's revenue was 430 million yuan, with a gross margin of 51.43%, which is relatively stable compared to 51.75% in 2023. The net profit margin was 6.96%, a significant decline of 14.48 percentage points year-on-year. The sales, management, and R&D expenses were 68 million, 84 million, and 42 million yuan respectively, with year-on-year changes of -13.15%, +25.78%, and -6.00% [11][12] - For Q1 2025, the company continued to face pressure with a revenue of 55 million yuan and a net profit of -10 million yuan, indicating ongoing challenges in the market [5][11] Business Segments - The core business segments faced pressure, with the standardized examination products generating 270 million yuan in revenue, down 35.91%, and a gross margin of 58.01%. The smart education products generated 93 million yuan, down 19.89%, with a gross margin of 37.32% [11][12] - The company is advancing its "AI+" strategy to support transformation, leveraging AI for smart examination and education solutions, which are expected to drive future growth [11][12] Future Projections - Revenue projections for 2025, 2026, and 2027 are 475 million, 554 million, and 680 million yuan respectively, with net profits of 68 million, 88 million, and 130 million yuan. The corresponding price-to-earnings ratios are projected to be 65, 50, and 34 times [11][12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In 2024, the company achieved operating revenue of 4.237 billion yuan, a year-on-year decrease of 5.69%, and a net profit attributable to the parent company of 110 million yuan, a year-on-year decrease of 62.63% [2][4] - In Q4 2024, the company reported operating revenue of 1.192 billion yuan, a year-on-year increase of 6.86%, while the net profit attributable to the parent company was 16 million yuan, a year-on-year decrease of 86.33% [2][4] - In Q1 2025, the company achieved operating revenue of 1.085 billion yuan, a year-on-year increase of 5.19%, and a net profit attributable to the parent company of 42 million yuan, a year-on-year increase of 4.67% [2][4] Summary by Sections Financial Performance - The company experienced a strategic adjustment in its brand portfolio in 2024, leading to revenue pressure and a decline in profit margins. However, the gross margin improved by 4.6 percentage points due to an ongoing optimization of brand structure, with a higher proportion of high-end brands [11] - The sales expense ratio increased by 7.7 percentage points year-on-year, attributed to increased brand promotion investments, while the management and R&D expense ratios also saw slight increases [11] - In Q4 2024, the company saw a recovery in revenue growth, with a year-on-year increase of 7%, and a gross margin improvement of 3.1 percentage points [11] - For Q1 2025, the company maintained stable revenue growth of 5%, with a gross margin increase of 2.4 percentage points, indicating effective control over brand marketing expenses [11] Future Outlook - The company aims to establish itself as a "global emerging luxury beauty group," with ongoing investments in high-end brands and market expenses. The revenue is expected to stabilize, and profit margins are anticipated to gradually recover [11] - Forecasted net profits for 2025, 2026, and 2027 are projected to be 230 million yuan, 320 million yuan, and 390 million yuan, respectively [11]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - In 2024, the company achieved a total revenue of 10.78 billion, representing a year-on-year growth of 21%, and a net profit attributable to shareholders of 1.55 billion, up 30% year-on-year. In Q4 2024, the revenue was 3.81 billion, with a growth of 4.3%, and the net profit was 550 million, growing by 23.4% year-on-year. For Q1 2025, the revenue reached 2.36 billion, a growth of 8.1%, with a net profit of 390 million, up 28.9% year-on-year [2][4]. Summary by Sections Revenue and Profit Performance - In 2024, the main brand maintained steady growth, with online and offline revenues of 10.23 billion and 530 million respectively, showing a growth of 23.7% and a decline of 13.6%. The main brand generated 8.58 billion in revenue, up 19.6% year-on-year. The company launched new products and upgraded core series during the reporting period [5][6]. Margin and Cost Management - The company's net profit margin improved by 1.0 percentage points in 2024, primarily due to a 1.5 percentage point increase in gross margin to 71.4%, attributed to lower freight rates. The sales expense ratio increased by 3.3 percentage points due to higher promotional costs, while management expenses decreased by 1.7 percentage points due to reduced share-based payment costs [6][7]. Future Growth Potential - In Q1 2025, the company demonstrated strong profit elasticity with a net profit margin increase of 2.7 percentage points to 16.5%. The gross margin rose by 2.7 percentage points to 72.8%, likely due to a decrease in major raw material costs. The company expects continued growth from its sub-brands and core series upgrades, which are anticipated to contribute to future revenue growth [7][8]. Earnings Forecast - The company forecasts EPS of 4.63, 5.40, and 6.02 yuan per share for 2025, 2026, and 2027 respectively, indicating a positive outlook for earnings growth [7].